Microsoft posts $3.2bn loss after massive Nokia writedowns

Microsoft has posted a net quarterly loss of $3.2 billion after reporting $8.4 billion in writedowns. The technology giant had earlier announced a $7.5 billion figure for writing down the Nokia mobile phone business that it purchased last year.

Meanwhile, revenues in the three months to June 30 dropped 5% to $22.18 billion. The company had reported a $4.6 billion net profit for the same period last year.

Microsoft chief executive Satya Nadella said the firm’s approach was to invest in areas “where we have differentiation”.